The Cash For Clunkers bill passed the Senate as part of a larger spending measure. The details, explained in our Cash For Clunkers Guide, remain similar except funding's cut from $4 billion to $1 billion in the new joint bill.

Curious exactly how the Cash For Clunkers bill works? This handy chart and fact sheet provide all…
Read more Read more

If the bill is signed by President Obama, as expected, the program will have enough money to last until September 30th, the end of the fiscal year. Supporters of the bill hope its success will encourage Congress to continue to fund the program. Given the obstacles, we're a little doubtful. Photo Credit: THEO HEIMANN/AFP/Getty Images [The Detroit News]